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DBC - NON-RATED - Not so rosy, wait for long-term value - Visit Note

DBC came into the spotlight upon release of 1H results showing impressive 72% earnings growth in its core animal feeds business. The company also booked a sizable one-time profit of VND171bn in 1Q from sale of a real estate project that amounts to more than its full year earnings guidance (VND167bn). Curious, we paid a visit to Bac Ninh province. Things were not as rosy as it seems: cash from the real estate sale has not been received in full and the animal feeds business is facing weak demand.